FRANCE DATA
INSEE has issued a correction for the June CPI M/M value (all other values are unchanged).
The latest set of June flash inflation prints from France saw HICP and CPI M/M in line with consensus while CPI Y/Y came in a tenth below consensus.
- HICP came in at +2.5% Y/Y (vs 2.5% consensus, +2.6% prior) and 0.1% M/M (vs +0.1% consensus, +0.1% prior).
- CPI came in at 2.1% Y/Y (vs 2.2% consensus, 2.3% prior) and 0.1% M/M (vs +0.1% consensus, +0.0% prior).
- Looking at national CPI:
- Services CPI remained sticky at a 2.8% Y/Y. Note that services make up 51.6% of the national CPI index. Meanwhile, Energy softened to 4.8% Y/Y (vs 5.7% prior), on a monthly basis Energy deflated 0.9% (vs -1.2% in the prior month) and the Non-Fresh food component was 0.3ppt lower than last month at 0.6% Y/Y.
- Finally, Non-Energy Industrial Goods remained flat on a yearly basis (they have been between -0.1% and 0.1% for the last four months)
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